Dan Sundheim’s D1 Capital dumped its shares of some heavyweight tech and media giants during the first quarter, but picked up new positions in a few food and financial stocks, according to a newly released regulatory filing. The hedge fund, which was worth $6.5 billion at the end of the first quarter, sold more than $147 million worth of Meta Platforms shares and nearly $146 million worth of Spotify shares during the period, entirely dissolving its stake in both companies. D1 also sold all of its shares in MongoDB , Delta Air Lines and entertainment companies Warner Music Group and Live Nation , as well as alcoholic beverages company Constellation Brands , 3M and data center power play Vistra . D1 exited these positions, but the firm is still a fan of tech as the hedge fund increased its positions in Amazon , AppLovin and semiconductor supplier Applied Materials during the first quarter. D1’s top holdings at the end of March included Instacart , Entegris and Charles Schwab . The firm owned $899.6 million worth of Instacart shares, a holding that did not change during the latest quarterly period. Sundheim has been on the grocery delivery company’s board of directors since 2020 . Financials were a favored spot for D1 during the first quarter. Sundheim’s new positions in Charles Schwab and Bank of America were worth nearly $341 million and roughly $304 million, respectively. Sundheim also added fresh positions in Apollo Global Management and fintech Affirm Holdings . Reddit and beverage and food plays Primo Brands and U.S. Foods Holding Corp. were also new stakes for D1. Meanwhile, the hedge fund cut its holdings in Bath & Body Works and Elevance Health by more than 20% each. The firm also slashed its stakes in both Philip Morris and GE HealthCare Technologies . It also dissolved nearly all of its shares of eyeglasses retailer Warby Parker and Burger King owner Restaurant Brands. Sundheim, who previously worked at Viking Global Investors, started D1 in 2017.
Dan Sundheim’s D1 Capital dumps Meta and Spotify in Q1